ENDICOTT (WBNG) — A manufacturer in the heart of Endicott is looking to scale back its local operations.
i3 Electronics announced Thursday that an agreement to sell part of its fabrication business unit to TTM Technologies Inc., in Chippawa Falls, Wisconsin has been made.
TTM Technologies is a manufacturer of printed circuit boards and radio frequency components.
According to a press release from i3, TTM will acquire manufacturing and intellectual property. Engineering talent is also part of the deal, i3 says.
i3 continued to explain that demand has been lower in the past few years after work for i3’s largest customer is complete, and that the future of the Endicott location has been in danger because of revenue loss.
12 News reached out to i3 for a number of employees expected to be affected by the sale, but our request has not yet been returned. However, i3 did say the company will continue have a smaller operation in Endicott.
“This decision was extremely difficult, but after weighing all options, we felt this sale to TTM was the best possible outcome for i3’s employees, customers and i3’s growth at the Binghamton location,” said i3 President and CEO Jim Matthews.
TTM will have job fairs for all employees in the next 30 days fill more than 300 position in North America, i3 says.
“Also, i3 Assembly in Binghamton, NY will look to fill numerous positions with theremaining employees, after TTM concludes hiring,” the press release from i3 reads.
The sale is expected to go through in the fourth quarter of 2019.